AstraZeneca and Hutchison seal cancer drug deal
FTSE 100 pharmaceuticals firm AstraZeneca and Hutchison MediPharma (HMP), a research and development company majority-owned by Chi-Med, have entered into a global licensing, co-development, and commercialisation agreement for a cancer treatment drug.
FTSE 100 pharmaceuticals firm AstraZeneca and Hutchison MediPharma (HMP), a research and development company majority-owned by Chi-Med, have entered into a global licensing, co-development, and commercialisation agreement for a cancer treatment drug.
Volitinib (also known as HMPL-504), which was discovered and developed in China, will imminently enter Phase I testing.
Under the terms of the agreement, development costs for Volitinib in China will be shared between the two firms, with HMP continuing to lead the development there.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
AstraZeneca, which will lead and pay for the development of the drug for the rest of the world, must now pay $20m to HMP.
HMP will receive up to a further $120m, dependent on the successful achievement of clinical development and first sale milestones.
The agreement also contains possible significant future commercial sale milestones and up to double-digit percentage royalties on net sales, the firm said.
"Volitinib represents a highly attractive global opportunity for AstraZeneca as we seek to develop and commercialise novel, targeted cancer therapies," Susan Galbraith, Head of Oncology Innovative Medicines at AstraZeneca, added.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Investors pulled £4.2bn from equity funds ahead of Budget tax raid
October was the third-worst month on record for fund flows, new figures show, as investors sold assets ahead of the Autumn Budget
By Katie Williams Published
-
What Keir Starmer's ‘Plan for Change’ means for you - six milestones explained
Prime Minister Keir Starmer has set out six milestones that the public can judge the government by - we reveal Labour's top policy targets
By Marc Shoffman Published